Stock Market & Financial Investment News

General Motors reports June sales up 1% to 267,461 vehicles General Motors said its dealers delivered 267,461 vehicles in the United States in June. Total sales were up 1% compared to a year ago. Retail sales were up 1% and fleet sales were up 2%. On a selling- day adjusted basis, GM's total sales were up 9%.

GM Financial reports Q2 net income $186MGM Financial announced net income of $186 million for the quarter ended June 30, 2015, compared to $175 million for the quarter ended June 30, 2014. Earnings for the six months ended June 30, 2015 were $336 million, compared to $320 million for the six months ended June 30, 2014. Consumer loan originations were $4.3 billion for the quarter ended June 30, 2015, compared to $4.1 billion for the quarter ended March 31, 2015, and $3.6 billion for the quarter ended June 30, 2014. Consumer loan originations for the six months ended June 30, 2015 were $8.4 billion, compared to $7.0 billion for the six months ended June 30, 2014. The outstanding balance of consumer finance receivables was $27.3 billion at June 30, 2015. Operating lease originations of General Motors Company vehicles were $5.6 billion for the quarter ended June 30, 2015, compared to $3.0 billion for the quarter ended March 31, 2015, and $1.5 billion for the quarter ended June 30, 2014. Operating lease originations for the six months ended June 30, 2015 were $8.6 billion, compared to $2.3 billion for the six months ended June 30, 2014. Leased vehicles, net was $12.9 billion at June 30, 2015. The outstanding balance of commercial finance receivables was $7.8 billion at June 30, 2015 compared to $7.6 billion at March 31, 2015 and $7.1 billion at June 30, 2014. Consumer finance receivables 31-to-60 days delinquent were 3.6% of the portfolio at June 30, 2015, compared to 3.5% at June 30, 2014. Accounts more than 60 days delinquent were 1.6% of the portfolio at June 30, 2015 and June 30, 2014. Annualized net credit losses were 1.6% of average consumer finance receivables for the quarter ended June 30, 2015 and 1.4% for the quarter ended June 30, 2014. For the six months ended June 30, 2015, annualized consumer net credit losses were 1.7%, compared to 1.6% for the six months ended June 30, 2014. The Company had total available liquidity of $12.9 billion at June 30, 2015, consisting of $2.1 billion of unrestricted cash, $9.2 billion of borrowing capacity on unpledged eligible assets, $0.6 billion of borrowing capacity on unsecured lines of credit and $1.0 billion of borrowing capacity on a Junior Subordinated Revolving Credit Facility from GM.

UAW concerned over auto production moving to Mexico, NYT saysThe greatest concern for the United Automobile Workers, or UAW, union as it enters discussions on new contracts with Detroit auto makers Fiat Chrysler (FCAU), Ford (F), and General Motors (GM) is losing vehicle production to lower-wage countries such as Mexico, the New York Times reports. Union president Dennis Williams was upset over comments last week that suggested that Ford was considering sending work to Mexico in an effort to cut costs, the report says. "I will save my comments on Ford for when we open up negotiations,” Mr. Williams said. “But it is always concerning to me when any company invests outside the United States.” Reference Link

Jeep Cherokee can be hacked via entertainment system, Wired reportsHackers Charlie Miller and Chris Valasek demonstrated to Wired how Jeep Cherokees can be hacked via the vehicle’s entertainment system, giving an attacker wireless control of the automobile and its systems. Miller and Valasek previously demonstrated hacks they were able to perpetrate against Ford (F) Escape and Toyota (TM) Prius vehicles, the report noted. Other publicly traded automakers include General Motors (GM), Honda (HMC), Nissan (NSANY) and Volkswagen (VLKAY). Reference Link

HERE offering free HD map data for automated vehicle testsHERE, a Nokia (NOK) company, announced it is making high-definition mapping data of sections of public roads in four countries available to all automotive companies to support their highly automated vehicle initiatives. HERE is offering HD mapping data of specific stretches of open road in Silicon Valley and Michigan in the United States, as well as in France and Germany, to all carmakers and automotive suppliers for test purposes. HERE plans to offer data for Japan too later this year. HERE is currently working with more than 10 "leading automotive companies" on automated driving projects, the company said. Publicly traded automakers include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY).